The Marketing of Art
The Marketing of Art
Part 1: Target Market and Competition
When determining a target market a marketer must first research their product and the consumers who purchase the product, then decide what type of consumer would the marketer prefer to attract to the product they are marketing (Guille, n.d.). The product that was chosen for this class was Art. To determine our particular target market we must get to know our product. Britannica Encyclopedia defines art as, “the use of skill and imagination in the creation of aesthetic objects, environments, or experiences that can be shared with others” (Britannica Online, 2011).
Choosing a target market in which to promote our product is quite a difficult task since art is not a commodity that is normally regulated. Although the demographics of individuals who buy art are categorized into five types:
• Collector – this type buys art simply for the love of the piece that is purchased.
• Investor – this type buys art in hopes of earning a profit.
• Decorator – this type uses art as a way to fill and empty space.
• Believer – this individual believes that the particular piece that is purchased has a significant meaning or story attached to it and buys art just for the love of art.
• Money burner – this type is an individual who buys art for a status symbol or because they can afford to do so.
To find our target market we will digest the framework of art. Art is usually placed in a particular space for a long period of time and the purchaser will most likely own the home that the artwork is located in (Genn, 2004). Art is not a cheap investment, in 2009 while the Lehman Brother’s was declaring bankruptcy, Sotheby’s made $200 million in London at an art auction, so our target market would have to be able to afford the pieces. Also to determine your target market a marketer needs to understand why a consumer purchases products or services. A consumer purchases a product or service for three main reasons; to satisfy
Part 1: Target Market and Competition
When determining a target market a marketer must first research their product and the consumers who purchase the product, then decide what type of consumer would the marketer prefer to attract to the product they are marketing (Guille, n.d.). The product that was chosen for this class was Art. To determine our particular target market we must get to know our product. Britannica Encyclopedia defines art as, “the use of skill and imagination in the creation of aesthetic objects, environments, or experiences that can be shared with others” (Britannica Online, 2011).
Choosing a target market in which to promote our product is quite a difficult task since art is not a commodity that is normally regulated. Although the demographics of individuals who buy art are categorized into five types:
• Collector – this type buys art simply for the love of the piece that is purchased.
• Investor – this type buys art in hopes of earning a profit.
• Decorator – this type uses art as a way to fill and empty space.
• Believer – this individual believes that the particular piece that is purchased has a significant meaning or story attached to it and buys art just for the love of art.
• Money burner – this type is an individual who buys art for a status symbol or because they can afford to do so.
To find our target market we will digest the framework of art. Art is usually placed in a particular space for a long period of time and the purchaser will most likely own the home that the artwork is located in (Genn, 2004). Art is not a cheap investment, in 2009 while the Lehman Brother’s was declaring bankruptcy, Sotheby’s made $200 million in London at an art auction, so our target market would have to be able to afford the pieces. Also to determine your target market a marketer needs to understand why a consumer purchases products or services. A consumer purchases a product or service for three main reasons; to satisfy